April 18, 2014
Wellesley, Mass., April 18, 2014 – BCC Research (www.bccresearch.com) reveals in its new report, NEUROSTIMULATION: TECHNOLOGIES AND GLOBAL MARKETS, the global neurostimulation device market is expected to grow to nearly $4.1 Billion by 2018, with a five-year compound annual growth rate (CAGR) of 1.5%. The chronic pain category, the largest segment in the overall market, is projected to reach $2.8 billion in 2018.
Currently drug therapies are the primary treatment option for chronic pain; however, these therapies have proven virtually ineffective over the long term. Consequently, neurostimulation devices are increasingly used for pain management. The chronic pain category is the fastest moving segment of the overall market with a CAGR of 1.8%.
The gastrointestinal category, the second-fastest growing segment is moving at CAGR of $1.5% and is projected to reach $8.5 million by 2018.
"Currently, the market is underdeveloped despite technological advances due to low medical acceptance and equally low consumer awareness," says BCC Research pharma analyst Minal Patel. "Patients still fear the prospect of having a foreign object implanted into their bodies. This is anticipated to change with the commercialization of technologically advanced neurostimulators, physician training, increased venture capital and government funding and considerably due to the expansion of health insurance to the underinsured and uninsured."
NEUROSTIMULATION: TECHNOLOGIES AND GLOBAL MARKETS provides an overview of neurostimulation device market, including products, key players, entry-level players, market trend analysis, and factors influencing future incidence. It also presents market analysis by clinical disorder, including annual incidence, trend analysis and factors influencing future predicted surgical volume. Market share and information on key neurostimulation device manufacturers are also discussed.
This report is intended for anyone interested in better understanding the role of the rapidly growing neurostimulation technologies of the broader neuromodulation markets. Executives, consultants, trade associations, clinicians and marketing professionals in the medical device industry, health insurance industry, and experts in the neuroscience and neurosurgery fields will benefit most from this report.
Editors and reporters who wish to speak with the analyst, should contact Steven Cumming at steven.cumming@bccresearch.com.
Neurostimulation: Technologies and Global Markets( PHM149A )
Publish Date: Mar 2014
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